我国利率市场化进程中基准利率的选择

论文编号:JR231  论文字数:14044,页数:23

我国利率市场化进程中基准利率的选择
摘要

 利率市场化是一项金融体制改革，是指货币当局逐步放松或放弃对利率的直接控制或限制，最终由资金市场供求关系决定利率水平的改革过程。利率市场化是我国金融改革深化的必然趋势。利率市场化改革的关键之一就在于找到合适的市场基准利率，在基准利率的基础上形成市场利率体系。
 上海银行间同业拆放利率(Shanghai Interbank Offered Rate，简称SHIBOR)是中央银行着力打造的基准利率，于2007年1月4日起正式对外公布。本文运用历史分析法、比较分析法、实证分析法等方法，结合金融学相关知识考察了SHIBOR在货币市场中的基准利率地位。并基于对SHIBOR运行状况的分析，探究了阻碍其基准地位发展的因素，并提出加强其基准性地位的建议。本文主要从以下五个部分进行探讨。
 第一部分针对利率市场化以及我国利率市场化进程做了简要的概述，。
 第二部分介绍了货币市场基准利率的概念以及货币市场基准利率选择的国际经验和一般原则。
 第三部分介绍了我国货币市场基准利率的选取实践，并分别从市场性、基准性、利率期限结构、与其他经济指标的相关性等方面对SHIBOR的基准利率地位进行了实证分析。为下文的叙述以及提出的相关建议做了铺垫。
 第四部分探讨了SHIBOR运行过程中遇到的问题并提出了相关建议。
 最后一个部分对全文进行概括和总结，并对我国利率市场化改革进行展望。

关键词：利率市场化  基准利率  上海银行间同业拆放利率 
The Choosing of Benchmark Interest Rate in the Marketization of China’s Interest Rate
Abstract
    Interest Rate Marketization means the government gradually releases the restriction on interest rate, and let the financial market decide the interest rate by itself. As China is implementing financial reform, it is an inevitable trend to realize Interest Rate Marketization. One of the most important issues in the process is the choosing of benchmark interest rate, which is in a key position and plays a leading role in the financial market and interest rate system.
    Shanghai Interbank Offered Rate (SHIBOR) is created by the central bank as the benchmark interest rate in China and was officially launched on January, 4th, 2007. With the method of historical analysis, comparative analysis and empirical analysis, this paper examines SHIBOR’s statues of the benchmark interest rate and proposes appropriate policy recommendations in order to further strengthen the basic position of SHIBOR in the market rate system. This paper is divided into five parts:
 The first part gives a brief introduction of Interest Rate Marketization and China’s practice on the process.
 The second part discusses the definition of benchmark interest rate. In addition, experience from other countries and general principles are derived.
    The third part reviews China’s practice on choosing benchmark interest rate and gives a detailed discussion of SHIBOR from five different aspects.
    The fourth part focuses on the performance of SHIBOR since its birth, analyzing difficulties it faces and proposing suggestions to push forward its basic position.
  The final part gives the summary of the full text and giving prospects of future development of Interest Rate Marketization.

Key words: Interest Rate Marketization     Benchmark Interest Rate
            Shanghai Interbank Offered Rate (SHIBOR)

目 录
一．我国的利率市场化进程 - 1 -
（一）利率市场化概述 - 1 -
（二）我国利率市场化进程的简要回顾 - 3 -
二．基准利率概述 - 4 -
（一）货币市场基准利率的概念界定 - 4 -
（二）货币市场基准利率选择的国际经验 - 5 -
（三）货币市场基准利率选择的一般原则 - 6 -
三．我国货币市场基准利率选择的现状分析 - 7 -
（一）我国货币市场基准利率的选取实践 - 7 -
（二）SHIBOR作为基准利率的实证研究 - 8 -
四．完善我国货币市场基准利率的建议 - 14 -
（一）目前SHIBOR运行中存在的问题 - 14 -
（二）加强SHIBOR基准地位的建议 - 16 -
结语 - 18 -
参考文献 - 1 -
谢 辞 - 2 -